No amount of cost reduction can compensate for fundamental market erosion. Excellence in operations matters enormously—but only if you're competing in the right business. Optimizing a declining operation is like rearranging deck chairs on the Titanic.

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The question is not how to do things better. The question is what business you should be in five years from now, and how to get there while managing today's reality. This requires courage, clarity, and a willingness to let go of what once made you successful.